The emergence of disruptive technologies initiated the debate if technology will soon replace the need for humans to solve problems. Cognitive skills of humans are reckoned as their efficacy to learn and simplify problems. As the biological machine requires time to cope with changes, inspired by human mind, cognitive computing technology was developed. Cognitive computing technology will assist human to simplify their cerebral tasks. For instance, the expansion of patient populace is creating a both structured and unstructured database. Cognitive computing technology will rationally analyze the large volume of data of a patient, thereby simplifying the patient’s history to doctor. This can aid the physician decide an effective therapeutic regime. It is understood that cognitive computing technology just manages the tedious task for a physician, which, otherwise, holds several scope for error.
Cognitive computing technology is responsible for backing humans to enhance their productivity than replacing human at work. With social media platforms gaining considerable traction, rapid industrialization, and surge in electronic transactions; high amount of data is produced by different sectors. The rise in need for greater productivity to deal with dynamic worklife condition are forging the adoption of cognitive computing technology across several industries.
Market Research Future (MRFR), in its revised “Cognitive Computing Technology Market” report, addressed factors that are contributing to the sharp rise in the market’s valuation. As per MRFR study, the cognitive computing technology global market can attain USD 25 Bn at 35% CAGR by 2023. MRFR employed modern, proven research methodologies to conduct the cognitive computing technology market study. The report highlights the impact of key players on the market and major influencers of the market.
Market Potential and Pitfalls
The cognitive computing technology market is gaining huge attention in the global market due to the advancements in cognitive computing, which has resulted in its higher adoption. The rising number of large, unstructured, and complex sets of data, and advancements in the computing platforms like mobile, cloud, and data analytics are some of the major factors contributing to the growth of the cognitive computing technology market. Top players are focusing on R&D investments in order to embrace advanced cognitive solutions. Companies are also indulging into mergers and acquisitions to make the most use of technology. Such factors trigger the demand for cognitive computing technology across the globe. Moreover, the implementation of IoT and AI that enables automated integration between hardware platform, software, and the consumer, further accelerates the market growth. The demand for cognitive systems in the computing technology market is expanding by leaps and bounds. Huge data present, along with the business organizations, is generally in the form of videos, human language, and pictures consisting of valuable information. To process the data, there is a strong requirement for cognitive analytic technologies like machine learning and NLP. It is anticipated that the volume of data will boost considerably, thereby spurring the market growth in terms of revenue.
On the contrary, the high cost of deployment and concerns associated with the regulatory and government compliance is likely to hamper the growth of the market. The impact of cognitive computing on traditional business applications along with the dearth of awareness among the SMEs, especially in the developing economies are certain factors curbing the growth of the market across the globe.
Industry Updates
May 15, 2019: Tom Wilde, the Indico CEO, will be joining an executive panel at the 2019 Cognitive Computing and AI Summit, which will take place in Boston. Wilde will be joined by the executives from the Synthexis, Cognitive Computing Consortium, and Basis Technology to discuss the ethical use of cognitive computing and AI.
Competitive Dashboard
The top players dominating the global cognitive computing technology market comprises Expert System S.p.A. (Italy), SparkCognition Inc (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), DeepMind Technologies Limited (U.K), Numenta (U.S.), CustomerMatrix Inc (U.S.), Cisco Systems, Inc (U.S.), Hewlett Packard Enterprise (U.S.), CognitiveScale (U.S.), Google, Inc (U.S.), Saffron Technology, Inc (U.S.), Palantir Technologies (U.S.), Enterra Solutions LLC (U.S.), ColdLight Solutions (U.S.), Airware (U.S.), Vicarious (U.S.), DataRobot (U.S.), DigitalGenius (U.K), Cylance (U.S.), Ross Intelligence (U.S.), Planet Labs (U.S.), Orbital Insight (U.S.), Darktrace (U.K), Vicarious (U.S.), Indico (U.S.), and Cyberlytic (U.K).
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